Gold quickly ended its summer rally and is now trading close to its crucial support between 1,680 and 1,700 USD. On its daily chart, gold is trading a whopping 130 USD below its 200-day moving average, hence confirming the bearish setup. Only seasonality remains still strongly bullish until early October. Gold will likely continue to suffer as the stagflationary environment will exacerbate, putting all market sectors under considerable pressure in the next few weeks and probably even months. In our last in-depth gold analysis we had been optimistically forecasting a recovery and summer rally for Gold including the SPDR Gold Trust ETF$SPDR Gold Shares(GLD)$ , the iShares Gold Trust ETF$iS